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among other things, require that the Borrower lease approximately [250 of the 252] apartment units as
follows: (i) 26 of the units in the Project to tenants whose household incomes do not exceed 40% of AMI;
(ii) 124 of the units in the Project to tenants whose household incomes do not exceed 50% of AMI; and (iii)
100 of the units in the Project to tenants whose household incomes do not exceed 60% of AMI.
GRRP Use Agreement. In connection with the GRRP Loan awarded to the Borrower via the GRRP
Program through HUD, the Borrower will execute a GRRP Use Agreement further restricting the
affordability of the Project until August 28, 2049 *, requiring that 100% of units be reserved exclusively for
Low-Income Families (as defined therein), and restricting rents for such units to 30% of 80% of applicable
AMI.
THE BONDS
General
The Bonds will be dated, will be payable in the amounts and on the dates, will bear interest
(computed on the basis of a 360-day year) at the rate, and will mature as described on the cover page. The
Bonds will be issued as fully registered bonds in book-entry form and book-entry interests in the Bonds
will be available for purchase in principal amounts of $5,000 or any integral multiple of $1,000 in excess
thereof.
The Trustee, in its capacity as Registrar, will keep all books and records necessary for registration,
exchange and transfer of the Bonds.
Discussion of the Bonds being issued only under the Book-Entry System is provided below. Details
regarding the procedures for and manner of payment, issuance, exchange and transfer of the Bonds if ever
issued in certificated form as provided in the Bond proceedings are also stated below.
Book-Entry System
The information in this section concerning DTC and DTC’s book-entry system has been obtained
from sources that the Borrower believes to be reliable, but the Borrower takes no responsibility for the
accuracy thereof.
The Depository Trust Company, Brooklyn, New York (“DTC”), will act as securities depository
for the Bonds. The Bonds will be initially issued and issuable only as one fully registered Bond certificate
for each maturity, registered in the name of Cede & Co. as partnership nominee of DTC. Those fully
registered Bonds will be deposited with and retained in the custody of DTC.
For ease of reference in this and other discussions, reference to “DTC” includes when applicable
any successor securities depository and the nominee of the depository.
For all purposes under the Bond proceedings, DTC will be and will be considered by the Issuer and
the Trustee to be the owner or Holder of the Bonds.
Owners of book-entry interests in the Bonds (book-entry interest owners) will not receive or have
the right to receive physical delivery of Bonds, and will not be or be considered by the Issuer and the Trustee
to be, and will not have any rights as, owners or holders of Bonds under the Bond proceedings.
* Preliminary; subject to change.
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